Analysis And Research On The Serials M&A Performance Of Tianlun Gas

With the deterioration of the environment pollution,China vigorously advocates the use of green energy,and a series of relevant policies have been released to encourage the development of energy companies.Natural gas as one of the current environmental protection energy,after its proportion in China's energy use will be greater and greater.State encourge the use of green energy like natural gas,make relevant natural gas enterprises have a bright future.Tianlun gas is one of the earlier private gas enterprises in China,listed on the Hong Kong stock exchange in 2011.After listing,Tianlun gas adopted serials M&A strategy to expand the scale of the enterprise,operating profit also increased year by year.This paper through the event study method of Tianlun gas release the short-term performance of m&a information is analyzed,and then by Tianlun gas assets yield of2011-2016 compared with the industry average,finally will Tianlun gas cumulative yield of 2011-2016 compared with the calculated according to the hang seng index for the cumulative yield to long-term performance are analyzed.It is concluded that the serials M&A does give Tianlun gas brought the economic benefits.Finally,separately from the main business of the target enterprise type,geographical location,the management of scale and enterprise future trend of the development of continuous acquisition in the view of the four characteristics are analyzed and expounded the influence of these characteristics bring to enterprise,Gas industry in order to give other companies which wants to expand the scale of enterprises to provide some reference for continuous m&a,and promote the stable development of China's natural gas market.